(RTTNews.com) - The European markets finished higher again on Friday, extending their recovery following Tuesday's sharp decline.
The Greek debt swap that has dominated the news this week was successfully completed Thursday evening.
A strong open to the trading day in the United States, due in large part to the better than anticipated jobs report, also contributed to the positive mood.
Greece successfully completed its debt swap agreement, with 85.8 percent of its private bond holders voluntarily taking part in the deal.
The successful completion of the debt swap deal was the pre-condition set by the European Union and the International Monetary fund for handing over the bailout approved last month.
Though the participation rate exceeded the 75 percent threshold set by the government, the level was below the 90 percent, needed to avoid triggering the "collective action clauses," or CACs. The CACs will force reluctant bondholders to join in and the government said the participation rate will rise to 95.7 percent after activating the CACs.
The Euro Stoxx 50 index of eurozone bluechip stocks finished higher by 0.21 percent Friday, while the Stoxx Europe 50 index, which includes some major U.K. companies, increased by 0.60 percent.
The DAX of Germany rose by 0.79 percent and the CAC 40 of France climbed by 0.26 percent. The FTSE 100 of the U.K. increased by 0.60 and the SMI of Switzerland gained 0.67 percent.
In Frankfurt, Merck KgaA rose by 3.48 percent. The stock was upgraded by Deutsche Bank to "Buy" from "Hold."
Linde projected increased sales and operating profit for fiscal 2012 and raised its dividend. The stock finished higher by 6.07 percent.
Fresenius was reduced to "Neutral" from "Buy" by Goldman Sachs. The stock fell by 0.03 percent.
Henkel slipped by 0.21 percent, following a downgrade by ING to "Hold" from "Buy."
In Paris, Schneider Electric dropped by 0.90 percent. The stock was downgraded by Citigroup to "Sell" from "Neutral."
Lagardere fell by 6.48 percent, after Deutsche Bank downgraded the stock to "Hold" from "Buy.
In London, Aggreko PLC climbed by 4.09 percent after reporting a profit for 2011.
Cairn Energy PLC increased by 2.53 percent, after an upgrade to "Buy" from "Hold" by Societe Generale.
Miners finished in negative territory after UBS cut European metals and mining sector to "Neutral" from "Overweight." Fresnillo fell by 1.04 percent and Kazakhmys dropped by 0.57 percent.
In economic news, Germany's manufacturing turnover rose slightly in January, according to data released Friday by the Federal Statistical Office.
Factory turnover increased a seasonally and working-day adjusted 0.4 percent month-on-month in January, following a 1.4 percent fall in December.
Germany's exports recovered in January at a faster than expected pace. Exports grew 2.3 percent month-on-month, following a 4.4 percent drop in December.
The expected rate of increase was 2 percent. Imports rose 2.4 percent, partially offsetting December's 3.9 percent drop and larger than the expected 1.5 percent rise.
U.K. industrial production declined 0.4 percent month-on-month in January, according to a report from the Office for National Statistics on Friday. January's decline erased December's 0.4 percent gain. Economists had expected a 0.3 percent increase for January.
Industrial output in France increased less than economists expected in January, according to data released Friday by Statistical Office Insee.
Industrial production increased 0.3 percent month-on-month in January, slower than the 0.5 percent gain economists forecast. In December, output decreased 1.3 percent month-on-month.
The U.S. economy added more jobs than expected in the month of February, according to figures released Friday by the Labor Department.
The economy added 227,000 jobs in February, while most economists had expected the pace of job growth to be roughly 204,000 jobs. The January spike in job creation was revised up to 284,000 from the 243,000 initially reported.
However, the job growth was not strong enough to bring down the unemployment rate, which held steady at 8.3 percent in February. The result was in line with economists' estimates.
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The Greek debt swap that has dominated the news this week was successfully completed Thursday evening.
A strong open to the trading day in the United States, due in large part to the better than anticipated jobs report, also contributed to the positive mood.
Greece successfully completed its debt swap agreement, with 85.8 percent of its private bond holders voluntarily taking part in the deal.
The successful completion of the debt swap deal was the pre-condition set by the European Union and the International Monetary fund for handing over the bailout approved last month.
Though the participation rate exceeded the 75 percent threshold set by the government, the level was below the 90 percent, needed to avoid triggering the "collective action clauses," or CACs. The CACs will force reluctant bondholders to join in and the government said the participation rate will rise to 95.7 percent after activating the CACs.
The Euro Stoxx 50 index of eurozone bluechip stocks finished higher by 0.21 percent Friday, while the Stoxx Europe 50 index, which includes some major U.K. companies, increased by 0.60 percent.
The DAX of Germany rose by 0.79 percent and the CAC 40 of France climbed by 0.26 percent. The FTSE 100 of the U.K. increased by 0.60 and the SMI of Switzerland gained 0.67 percent.
In Frankfurt, Merck KgaA rose by 3.48 percent. The stock was upgraded by Deutsche Bank to "Buy" from "Hold."
Linde projected increased sales and operating profit for fiscal 2012 and raised its dividend. The stock finished higher by 6.07 percent.
Fresenius was reduced to "Neutral" from "Buy" by Goldman Sachs. The stock fell by 0.03 percent.
Henkel slipped by 0.21 percent, following a downgrade by ING to "Hold" from "Buy."
In Paris, Schneider Electric dropped by 0.90 percent. The stock was downgraded by Citigroup to "Sell" from "Neutral."
Lagardere fell by 6.48 percent, after Deutsche Bank downgraded the stock to "Hold" from "Buy.
In London, Aggreko PLC climbed by 4.09 percent after reporting a profit for 2011.
Cairn Energy PLC increased by 2.53 percent, after an upgrade to "Buy" from "Hold" by Societe Generale.
Miners finished in negative territory after UBS cut European metals and mining sector to "Neutral" from "Overweight." Fresnillo fell by 1.04 percent and Kazakhmys dropped by 0.57 percent.
In economic news, Germany's manufacturing turnover rose slightly in January, according to data released Friday by the Federal Statistical Office.
Factory turnover increased a seasonally and working-day adjusted 0.4 percent month-on-month in January, following a 1.4 percent fall in December.
Germany's exports recovered in January at a faster than expected pace. Exports grew 2.3 percent month-on-month, following a 4.4 percent drop in December.
The expected rate of increase was 2 percent. Imports rose 2.4 percent, partially offsetting December's 3.9 percent drop and larger than the expected 1.5 percent rise.
U.K. industrial production declined 0.4 percent month-on-month in January, according to a report from the Office for National Statistics on Friday. January's decline erased December's 0.4 percent gain. Economists had expected a 0.3 percent increase for January.
Industrial output in France increased less than economists expected in January, according to data released Friday by Statistical Office Insee.
Industrial production increased 0.3 percent month-on-month in January, slower than the 0.5 percent gain economists forecast. In December, output decreased 1.3 percent month-on-month.
The U.S. economy added more jobs than expected in the month of February, according to figures released Friday by the Labor Department.
The economy added 227,000 jobs in February, while most economists had expected the pace of job growth to be roughly 204,000 jobs. The January spike in job creation was revised up to 284,000 from the 243,000 initially reported.
However, the job growth was not strong enough to bring down the unemployment rate, which held steady at 8.3 percent in February. The result was in line with economists' estimates.
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